5 Easy Ways to Minimize Vacancy Rate and Rent Your House Fast

The vacancy is a cash flow killer.  For your Oklahoma City rental to do well, it has to produce rent on a consistent basis. This article talks about the simple way to minimize the vacancy rate for rental property and rent a house fast. And, what we do to reduce rental vacancy rates in Oklahoma City.

Ideally, your tenant will NEVER want more from the property. I had a tenant once for 18 years within the same apartment. But that’s definitely not normal.

On average, a tenant stays about 3 1/2 years in our single-family homes. And, about 1 1/2 years in apartments that we've leased.

What the average vacancy rate would be based on these numbers?  It’s actually not enough information.  It depends on how long it takes to do the make ready for the unit.  And, once the make-ready is done, how long it takes to lease the property.

Rent Ready Checklist - Getting A House Ready To Rent

Renew Leases:

If you have got tenants who are paying their rents, it is smart to renew their leases. In some cases, if you've got significantly below-market rents, you'll be ready to even increase rents and keep your tenants. But in cases where your rents are already at market rates, it likely is smart to stay your renters at their current rates and reduce vacancy.

Here’s a quick list of some of the things we do to rent out your house or any rental property quickly. Get to know what helps reducing apartment vacancy rates.

Buy the Right Areas on the Right Streets: 

But there are some neighborhoods that are in higher demand than others.  These higher-demand areas have homes that are newer and schools that people consider desirable.  For example, many parts of Edmond, far northwest Oklahoma City, far South Oklahoma City into Moore, and Bethany.  In high-demand areas, the vacancy can be as low as 5% to 7%. Buying the right areas depend on how much do property managers charge. You need to stay on your budget too.

In the average neighborhoods in Oklahoma City, the vacancy rate for OKC rental property ranges from 7% to 10%.  That fits right into an average rate of 9% presented above.

Offer a Move-In Bonus: This Attracts Your Tenants

Another way to reduce your apartment vacancy rates is you can offer a move-in bonus to your tenants. The move-in bonus can be in the form of a cashback, rent discount, minor property upgrade, or holiday voucher. It relies on what considerations would be attractive to your targeted tenant and whether you have a budget to stay within.

You can either post about the move-in bonus on the property listing or propose it to a prospective tenant who is on the fence. This can surely increase the number of inquiries and applicants. Not only that it can also help you fill the vacancy sooner rather than later.

Pick Your New Renters Well:

If you are doing have tenants who find themselves moving out, ready to reduce your per centum by ensuring that your new renters are likely to be able to pay their rents.

Here is how to screen tenants for your rental property

When considering new tenants, ensure you or your property manager does a whole background check, reviews the tenant’s credit score, and calls previous landlords. Calling previous landlords is especially enlightening since sometimes they’ll tell you information that isn’t reflected during a tenant’s application. this can facilitate your decision whether to maneuver forward with the tenant or move.

If you aren’t self-managing your property, we’d definitely recommend asking your property management company about their screening procedures and whether or not they call previous landlords. you'll be able to also ask about their eviction rate. this can facilitate your determination if you wish to still work together with your management company.

Reward your Existing Tenants:

The simplest way to keep tenants happy is to not raise the rent. Although you'll have to increase rent over time, attempt to avoid this for as long as you'll. this may encourage your tenants to stay with you and reduce the number of individuals leaving to search out a more robust deal.

If you are considering having a property management company assist you with getting a rental property ready for good tenants, OKC Home Realty Services is here for you. Rent out your home fast with the help of professionals.